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AUDUSD remains in downtrend from 1.0582

Discussion in 'Technical Analysis' started by ForexCycle.com, Jun 6, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

    Sep 1, 2008
    Likes Received:
    AUDUSD remains in downtrend from 1.0582 (Apr 11 high), the bounce from 0.9434 is likely consolidation of the downtrend. Range trading between 0.9434 and 0.9791 could be expected in a couple of days. Key resistance is at 0.9791, as long as this level holds, the downtrend could be expected to resume, and another fall towards 0.9000 is still possible after consolidation. On the upside, a break above 0.9791 resistance will indicate that the downtrend from 1.0582 had completed at 0.9434 already, then the following upward movement could bring price back to 1.0500 zone.


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